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US President Donald Trump said that he threatened BRICS with 150% tariffs on goods if they seek an alternative currency to the dollar. The alliance of nine countries kick-started the de-dollarization agenda after the US pressed sanctions on Russia in 2022. China and Russia spearhead the initiative convincing developing countries to settle trade in local currencies. Also Read: BRICS Continue To Discuss Alternative Payment Options to the US Dollar “You know, the BRICS states were trying to destroy our US dollar. They wanted to create a new currency,” Trump said on Thursday when addressing the Republican Governors Association in Washington. He also suggested that the alliance wanted to use the Chinese yuan for trade settlements instead of the US dollar. “So, when I came in, the first thing I said is ‘any BRICS state that even mentions the destruction of the US dollar will be charged a 150% tariff,'” he noted. “We don’t want your goods,” the US P...

RICS member India remains skeptical of a common BRICS currency citing risks of alienating global trade ties with the US. Leading import and export businesses in India and those stationed in the US want to keep the US dollar intact. Indian businesses are now cautious in embracing a common currency as it risks disrupting the normal flow of commerce. Also Read: 23 Countries Show Interest To Join BRICS in 2025 The evolving framework of the BRICS alliance is moving towards the formation of a new common currency for trade. It challenges the global economic system but the push towards a common currency is usually made by China and Russia. Indian businesses are concerned that a common BRICS currency gives power to China and make its economy influential. Also Read: BRICS: 2 Countries Settle $37 Billion Trade in Local Currencies BRICS: India Disinterested in Common Currency, Wants the US Dollar Source: Freepik.com Businesses in India need the US dollar to survive as the currency provides securit...

Russia’s President Vladimir Putin proudly displayed a mock-up currency bill at the 16th summit in Kazan this year. The BRICS alliance clarified that the banknote is unofficial and was only a display presented by Putin. The theatrics of a BRICS currency followed Russia’s de-dollarization agenda to evade sanctions. Also Read: BRICS: India Extends CBDC Payments to New Countries However, the de-dollarization agenda has no takers even among the existing BRICS members. Countries like India, South Africa, and Brazil are slowly taking a step back as the dust settles after the summit. Only desperate countries like Russia, China, and Iran are advancing de-dollarization using BRICS as a stepping stone. Also Read: BRICS: Morgan Stanley Predicts the Future of the US Dollar BRICS: Russia & China’s De-Dollarization Plans Find No Takers Source: AtlanticCouncil.org No serious development about launching a new BRICS currency is taking shape within the bloc. The formation of a BRICS curr...

Crypto miners in Russia may benefit from special legislation next year, that allows them to export their mined crypto currency as an export product . Deputy minister of finance Ivan Chebeskov discussed the plans at a round table about the future of digital finance, according to local outlet RBC. “There is an option and a bill to use the export of cryptocurrency as a product of mining activity. That is, there is special legislation for the export of gas,” Chebeskov said (translated from Russian). A bill regulating crypto mining in Russia has been in the works for years, marked with periodic delays thanks to disagreements with Russia’s central bank. However, Chebeskov has recently said that a “common ground” is slowly being found. US sanctions Russian woman for laundering oligarch funds with crypto Read more: Russian founder of sanctioned exchange Garantex starts Tether desk Under this legislation, crypto mining would be seen as a legitimate indu...

Cryptocurrencies have been gaining global attraction and adoption. While there are positive sides to the decentralized nature of cryptocurrencies, bad actors can utilize this feature to carry out illicit activities. Several sanctions have been imposed against Russia since it launched a war on Ukraine. However, cryptocurrencies were used as a loophole to evade these sanctions. According to the latest details from a press release by the US Department of Treasury, the Office of Foreign Assets Control has blacklisted a Bitcoin and Ethereum address linked to the evasion of sanctions. Read more: Shiba Inu, BONE and LEASH Accepted for Visa Cards: Details Source: Outlook India US Treasury Department blacklists Igor Zimenkov and his son’s cryptocurrency addresses OFAC has identified that Igor Zimenkov and his son are involved in a broad network of individuals and entities that allegedly tried to sell military and defense equipment to third-country governments. Accordin...